The table shows some of the costs of production for Marie's Fortune Cookies. The fortune cookie market is a perfectly competitive market.At a market price of $62.99 a batch, what quantity does Marie's produce and what is the firm's economic profit in the short run?Do firms enter or exit the market?At a market price of $62.99 a batch, Marie's producesbatches of fortune cookies.In the short run, Marie's maximizes its profit andIn the long run, firmsO A. enterO B. neither enter nor exitO C. exitthe fortune cookie market.of $ a day.Totalproduct(batchesper day)12345678Average Average Averagefixed variable totalcostcostcost(dollars per batch)44.00 132.0088.0044.0029.3322.0017.6014.6712.5711.0037.0032.0029.0028.2029.0032.0037.5081.0061.3351.0045.8043.6744.5748.50*************Marginalcost30.0021.9920.0125.0033.0249.9776.01

A perfectly competitive firm sets its profit-maximizing level of output at a point where the price…

table shows some of the costs of production for Marie's Fortune Cookies. The fortune cookie market is a perfectly competitive market. market price of $62.99 a batch, what quantity does Marie's produce and what is the firm's economic profit in the short run? rms enter or exit the market? market price of $62.99 a batch, Marie's produces patches of fortune cookies. e short run, Marie's maximizes its profit and long run, firms the fortune cookie market. A. enter 3. neither enter nor exit C. exit of S a day. Total product (batches per day) 1 2 3 4 5 6 7 8 Average Average Average fixed variable total cost cost cost (dollars per batch) 44.00 132.00 88.00 44.00 37.00 81.00 29.33 32.00 61.33 22.00 17.60 14.67 29.00 12.57 29.00 11.00 28.20 45.80 32.00 51.00 37.50 43.67 44.57 48.50 wwww Marginal cost **** 30.00 21.99 20.01 25.00 ....33.02 49.97 76.01

table shows some of the costs of production for Marie's Fortune Cookies. The fortune cookie market is a perfectly competitive market. market price of $62.99 a batch, what quantity does Marie's produce and what is the firm's economic profit in the short run? rms enter or exit the market? market price of $62.99 a batch, Marie's produces patches of fortune cookies. e short run, Marie's maximizes its profit and long run, firms the fortune cookie market. A. enter 3. neither enter nor exit C. exit of S a day. Total product (batches per day) 1 2 3 4 5 6 7 8 Average Average Average fixed variable total cost cost cost (dollars per batch) 44.00 132.00 88.00 44.00 37.00 81.00 29.33 32.00 61.33 22.00 17.60 14.67 29.00 12.57 29.00 11.00 28.20 45.80 32.00 51.00 37.50 43.67 44.57 48.50 wwww Marginal cost **** 30.00 21.99 20.01 25.00 ....33.02 49.97 76.01

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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